Proficio Capital Partners LLC Makes New Investment in Flex Ltd. (NASDAQ:FLEX)

Proficio Capital Partners LLC purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 144,615 shares of the technology company’s stock, valued at approximately $5,552,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. R Squared Ltd purchased a new stake in shares of Flex during the 4th quarter worth about $35,000. SBI Securities Co. Ltd. purchased a new stake in shares of Flex during the 4th quarter worth about $38,000. Huntington National Bank boosted its stake in shares of Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after acquiring an additional 479 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in Flex by 23.6% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock valued at $53,000 after buying an additional 305 shares in the last quarter. Finally, UMB Bank n.a. purchased a new position in Flex in the 4th quarter valued at about $64,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FLEX. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Stifel Nicolaus began coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target on the stock. Finally, Barclays raised their price target on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $44.33.

Flex Stock Up 2.6 %

Shares of NASDAQ FLEX opened at $34.49 on Monday. The company has a 50 day simple moving average of $40.19 and a 200-day simple moving average of $37.27. The company has a market capitalization of $13.21 billion, a P/E ratio of 13.91, a P/E/G ratio of 2.43 and a beta of 1.07. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. Flex Ltd. has a 1 year low of $25.27 and a 1 year high of $45.10.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. On average, equities research analysts predict that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Activity at Flex

In related news, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares in the company, valued at approximately $8,773,262.50. This trade represents a 19.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the transaction, the insider now owns 233,526 shares of the company’s stock, valued at approximately $10,249,456.14. This trade represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

Flex Company Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.